Nuveen Churchill Direct Lending (NCDL) is a Business Development Company (BDC) that provides senior secured loans to private equity-backed U.S. middle market companies with $10M–$100M of EBITDA. NCDL focuses primarily on first-lien term loans and unitranche loans, which represent roughly 90% of its portfolio at fair value, with the remainder in subordinated debt and equity co-investments across approximately 210 companies. NCDL targets non-cyclical, service-oriented industries — primarily healthcare services, business services, and software — and avoids sectors like retail and oil & gas. NCDL is externally managed by Churchill Asset Management, a middle market lender with over $34B in private credit commitments and a subsidiary of Nuveen (TIAA's investment arm). Churchill sources, underwrites, and monitors all investments on NCDL's behalf. NCDL earns floating-rate interest income on its loan portfolio, priced over SOFR, and uses leverage (targeting 1.0x–1.25x debt-to-equity) to amplify returns on equity. NCDL finances itself through CLOs, a revolving credit facility, and unsecured notes. NCDL distributes most earnings to shareholders as dividends to maintain its RIC tax status. Churchill's sourcing edge comes from LP positions in over 325 PE funds and seats on roughly 250 advisory boards, giving Churchill early deal visibility and repeat flow from long-standing sponsor relationships.